(1) Investment firms authorised in other Member States have the right of access to central counterparty, clearing and settlement systems in the State for the purposes of finalising or arranging the finalisation of transactions in financial instruments.
(2) The right of access under paragraph (1) to central counterparty, clearing and settlement systems -
(a) is subject to the same non-discriminatory, transparent and objective criteria as apply to local participants, and
(b) is not and must not be restricted to the clearing and settlement of transactions in financial instruments undertaken on a regulated market or an MTF in the State.
(3) The market operator of a regulated market shall offer to all of the members of, or participants in, the regulated market the right to designate the system for the settlement of transactions in financial instruments undertaken on that regulated market, subject to -
(a) the links and arrangements between the designated settlement system and any other